Wednesday, May 02, 2012

News Links, May 1, 2012

## Global Ponzi meltdown/House of Cards ##

Reinharts, Rogoff See Huge Output Losses From High Debt
"The U.S. and other developed economies with high public debt potentially face 'massive' losses of output lasting more than a decade, even if their interest rates remain low, according to new research by economists Carmen and Vincent Reinhart and Kenneth Rogoff."

Irish debt peak higher after 2012, 2013 growth cut
"Ireland's government debt will peak a percentage point higher than previously expected next year after Dublin cut its growth forecasts for 2012 on Friday and also trimmed its outlook for next year."

"China is considering sovereign guarantees for its ships to enable the world's second-biggest oil consumer to continue importing Iranian crude after new EU sanctions come into effect in July, the head of China's shipowners' association said."

Could domestic flak shoot down Netanyahu over Iran?
"He may be ready to brave Iranian air defenses, retaliatory missiles and Western diplomatic blowback in tackling Tehran's nuclear program, but Israeli Prime Minister Benjamin Netanyahu will find it hard to fly past flak from his own senior staff."

## Global unrest/mob rule/angry people/torches and pitchforks ##Europe: The Dangers of Spring
"May arrives and with it perhaps a European Spring. For the eurozone, however, it promises a month of turbulence."

Navy Plan For California Blackouts Nears Completion
"The U.S. Navy is nearing a first-time agreement to curb electricity use at its sprawling San Diego-area bases if power runs short in Southern California this summer, a deal intended to diminish the threat of blackouts while the troubled San Onofre nuclear plant remains offline."